Mohawk posts 29 percent increase in Q1: Cites Quick-Step purchase, price increases for strong showing

Attributing their growth to the purchase of laminate maker Quick-Step and price increases across all product lines, Mohawk Industries announced first quarter net sales totaling $1,925,106,000, an increase of 29 percent over last year's first quarter.

Adjusted net earnings for the first quarter were $72,862,000 (4 percent above last year) or $1.07 diluted earnings per share (EPS), a 3 percent rise over last year. During the first quarter, a non-cash LIFO charge impacted earnings by $14 million ($8.7 million, net of tax) or $.13 EPS compared to $6 million ($4 million, net of tax) or $.06 EPS in the first quarter of last year. In accordance with U.S. Generally Accepted Accounting Principles (GAAP), net earnings for the first quarter were $71,120,000 and EPS were $1.04 per share. Last year's first quarter net earnings were $70,020,000 or $1.03 in EPS.